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▲ (Photo = Naver Finance) |
On the same day, on the New York Commercial Exchange (NYMEX), West Texas crude oil (WTI) for December delivery closed at $ 40.29, an increase of 8.5% ($ 3.15) per barrel from the previous trading day. The January Brent induction on the ICE London Futures Exchange rose 7.48% ($ 2.95) per barrel to close at $ 42.40.
The rise in oil prices on this day is the biggest increase since May. It appears to reflect the expectation that the Corona 19 vaccine will normalize the drop in demand.
On the same day, Pfizer published an interim result of an analysis of 94 confirmed cases that occurred in a phase 3 clinical trial and that the anti-corona 19 effect of the vaccine exceeded 90%. Less than 10% of those who received the vaccine are said to have been vaccinated outside of clinical trials that were divided into an experimental group that received a vaccine and an experimental group that received a placebo (a fake drug).
Although clinical trials are still ongoing and we have to wait for the results of the final analysis, it showed a much stronger effect than the general flu vaccine (40-60% of the preventive effects), so it could help to recover the Travel and travel demand, which was extremely reduced by the Corona 19 pandemic. There is a possibility that there is.
“These results can change everything on the demand side,” said Stuart Glickman, energy assets analyst at CFRA Research. “Assuming (the vaccine) is produced commercially, people are at a higher risk because they know there is a vaccine. You can take a chance.”
However, there is an analysis that the oil price increase on the day was an overreaction to Pfizer News, as it takes a little longer for the vaccine to be fully developed and commercialized.
There are also concerns that the world’s oil supply could rise next year if Democratic presidential candidate Joe Biden, who was elected over the weekend, eases sanctions against Iran and Venezuela.
On the other hand, international gold prices plummeted. Gold for December deliveries on the New York Commodity Exchange closed at $ 1,854.40, down 5% ($ 97.30) an ounce. It is interpreted as a result of investors throwing away safe assets such as gold and focusing on risk assets due to the anticipation of the effect of the corona 19 vaccine.
